Russia’s Lukoil spends $1.5 bln to raise stake in Azeri gas project

Lukoil had been set to buy a 15.5% stake from Petronas for $2.25 billion but reduced the transaction after other project shareholders BP and Azeri SOCAR, claimed their pre-emptive rights.

After Friday’s completion of the deal Lukoil owns 19.99% in Shah Deniz, BP as operator controls 29.99%, with TPAO owning 19%, SOCAR 14.35%, NICO 10% and SGC the remaining 6.67%.